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2874 companies · fiscal year 2025 · SEC EDGAR · September 25, 2026

Healthcare companies with the highest free cash flow

Free cash flow is operating cash flow minus capital expenditure: what is left once the company has paid to maintain and expand its asset base. We calculate it from two lines in the same filing, and a company is only ranked here if it reported both. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.

Ranks 1–100 of 221 · Fiscal year 2025 · Data as of September 25, 2026

Johnson & Johnson (JNJ) tops the list with $19.7B in free cash flow for fiscal 2025, ahead of AbbVie ($17.8B) and UnitedHealth Group ($16.1B). The top 10 together report $127B in free cash flow; the gap between #1 and #10 is ×2.30. 221 companies in Healthcare report free cash flow, 10.6% of the 2084-filer universe. The last place on the list, Merit Medical Systems, comes in at $216M.

Free cash flow
#CompanyFree cash flowYoY15-year trend
1Johnson & JohnsonJNJUS$19.7B−0.7%
2AbbVieABBVUS$17.8B−0.1%
3UnitedHealth GroupUNHUS$16.1B−22.4%
4Bristol Myers SquibbBMYUS$12.8B−7.9%
5MerckMRKUS$12.4B−31.7%
6AstraZenecaAZNGB$11.8B+18.4%
7Gilead SciencesGILDUS$9.5B−8.2%
8PfizerPFEUS$9.1B−7.7%
9Novo Nordisk A SNVODK$8.9B−16.6%
10Cigna GroupCIUS$8.6B+160.2%
11GSKGSKGB$8.4B+27.9%
12AmgenAMGNUS$8.1B−22.1%
13CVS HealthCVSUS$7.8B+23.4%
14HCA HealthcareHCAUS$7.7B+36.4%
15Abbott LaboratoriesABTUS$7.4B+16.4%
16McKessonMCKUS$5.7B+3.1%
17MedtronicMDTIE$5.4B+4.6%
18CenteneCNCUS$4.3B+$4.8B
19StrykerSYKUS$4.3B+22.8%
20Regeneron PharmaceuticalsREGNUS$4.1B+11.3%
21Boston ScientificBSXUS$3.7B+38.3%
22CencoraCORUS$3.2B+7.0%
23Vertex PharmaceuticalsVRTXUS$3.2B+$4.0B
24Elevance HealthELVUS$3.2B−30.3%
25Becton DickinsonBDXUS$2.7B−14.4%
26Tenet HealthcareTHCUS$2.5B+126.7%
27Intuitive SurgicalISRGUS$2.5B+91.0%
28ZoetisZTSUS$2.3B−0.7%
29IQVIA HoldingsIQVUS$2.1B−3.0%
30BiogenBIIBUS$2.1B−24.7%
31ViatrisVTRSUS$1.9B−2.0%
32Cardinal HealthCAHUS$1.9B−43.1%
33Fresenius Medical CareFMSDE$1.8B+36.1%
34AlconALCUS$1.7B+7.7%
35ResmedRMDUS$1.7B+27.6%
36GE Healthcare TechnologiesGEHCUS$1.5B−3.2%
37Zimmer BiometZBHUS$1.5B+13.7%
383MMMMUS$1.4B+118.8%
39Quest DiagnosticsDGXUS$1.4B+49.5%
40IncyteINCYUS$1.3B+56.9%
41Edwards LifesciencesEWUS$1.3B+360.5%
42DavitaDVAUS$1.3B−10.6%
43Jazz PharmaceuticalsJAZZIE$1.3B−4.5%
44MedlineMDLNUS$1.3B−8.3%
45Labcorp HoldingsLHUS$1.2B+10.0%
46GenmabGMABDK$1.1B+4.5%
47Teva Pharmaceutical IndustriesTEVAIL$1.1B+53.3%
48DexcomDXCMUS$1.1B+70.8%
49Oscar HealthOSCRUS$1.1B+11.4%
50Idexx LaboratoriesIDXXUS$1.1B+30.8%
51United TherapeuticsUTHRUS$1.0B−3.7%
52Bausch Health CompaniesBHCCA$1.0B−20.4%
53SterisSTEIE$972M+25.0%
54Beone MedicinesONCCH$942M+$1.6B
55ExelixisEXELUS$876M+30.4%
56IconICLRIE$862M−22.9%
57Universal Health ServicesUHSUS$849M−24.4%
58Neurocrine BiosciencesNBIXUS$749M+34.4%
59Biomarin PharmaceuticalBMRNUS$725M+48.7%
60PTC TherapeuticsPTCTUS$702M+$817M
61Medpace HoldingsMEDPUS$682M+19.2%
62Halozyme TherapeuticsHALOUS$645M+37.6%
63Globus MedicalGMEDUS$589M+45.3%
64Unum GroupUNMUS$555M−60.0%
65OrganonOGNUS$538M−29.6%
66Charles River Laboratories InternationalCRLUS$518M+3.4%
67Ensign GroupENSGUS$493M−24.3%
68Align TechnologyALGNUS$491M−21.2%
69AlkermesALKSIE$480M+18.4%
70West Pharmaceutical ServicesWSTUS$469M+69.6%
71Alnylam PharmaceuticalsALNYUS$465M+$508M
72QiagenQGENNL$453M−10.5%
73Encompass HealthEHCUS$439M+21.9%
74Cooper CompaniesCOOUS$434M+50.5%
75Brightspring Health ServicesBTSGUS$395M+$452M
76InsuletPODDUS$378M+23.7%
77HumanaHUMUS$375M−84.3%
78Exact SciencesEXASUS$357M+378.6%
79Lantheus HoldingsLNTHUS$354M−28.2%
80Harmony BiosciencesHRMYUS$348M+59.1%
81Biocryst PharmaceuticalsBCRXUS$345M+$398M
82Baxter InternationalBAXUS$332M−42.1%
83Collegium PharmaceuticalCOLLUS$328M+61.1%
84ChemedCHEUS$325M−11.5%
85BiontechBNTXDE$317M+$403M
86Msa SafetyMSAUS$295M+22.0%
87Teladoc HealthTDOCUS$285M+0.9%
88Elanco Animal HealthELANUS$284M−27.9%
89Amneal PharmaceuticalsAMRXUS$270M+11.0%
90HaemoneticsHAEUS$260M+82.8%
91Bright Horizons Family SolutionsBFAMUS$259M+7.7%
92Bio-TechneTECHUS$257M+8.7%
93HerbalifeHLFKY$253M+54.8%
94Prestige Consumer HealthcarePBHUS$246M+1.3%
95Envista HoldingsNVSTUS$230M−23.9%
96Trulieve CannabisTRLVUS$229M+53.6%
97RadnetRDNTUS$225M−32.3%
98AdapthealthAHCOUS$219M−7.0%
99Option Care HealthOPCHUS$217M−24.5%
100Merit Medical SystemsMMSIUS$216M+16.2%

All figures from SEC filings · FY2025 · 100

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{{cite web |title=Healthcare companies with the highest free cash flow |url=https://companiesranked.com/en/healthcare-companies-with-the-highest-free-cash-flow |website=CompaniesRanked |date=2026-09-25 |language=en}}

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@misc{companiesranked-en-healthcare-companies-with-the-highest-free-cash-flow-2026,
  author       = {{CompaniesRanked}},
  title        = {{Healthcare companies with the highest free cash flow}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/healthcare-companies-with-the-highest-free-cash-flow}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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